“Long-Term Care Insurance: A Comprehensive Guide to Costs, Coverage, and Whether It’s Right for You,” by Paul Reynolds, Money
Quote: “Long-term care insurance isn’t an easy sell in the best of times. Who wants to be reminded that they might spend their final days in a nursing home? Now, with many care facilities ravaged by COVID-19, the reputation of institutional living has taken a hit, and buying insurance to help pay for it might be a low priority. But long-term care considerations should be part of any retirement plan. … If your savings are exhausted, continuing care will generally be paid by Medicaid, the government health insurance program for low-income adults that’s run at the state level.”
LTC Comment: If Medicaid LTC really did require exhausting savings, many more people would seek out private LTC insurance protection. But it doesn’t. Learn how Medicaid really works and the perverse impact it has on responsible LTC planning here. Thanks to our friends and supporters at LTCA for keying us to this article.